Housebuilder says revenue rose 8.6% for the second-half of 2011 with profit up 40%

Barratt developments has reported an 8.6% rise in revenue for the second half of 2011 and a “strong” start to 2012.

The housebuilder said today its revenue for the six months to December 31 was £952.8m, up from £877.6m in the same period in 2010 with profit from operations £61.1m, up 40.5% from the previous year’s figure.

It said average selling prices had increased by 3.1% to £181,200.

Group chief executive Mark Clare said the company’s performance had continued to improve despite the wider economic uncertainty.

“We have delivered a further substantial increase in profits and recently-acquired high margin land is now driving further recovery,” he said.

“We have again brought debt and land creditors in below expected levels.

“We have seen a strong start to 2012 and over the first seven weeks private reservatons are running 21.8% ahead of this time last year.”